Zacks Investment Research Upgrades Eaton Vance Corporation (EV) to Hold
Zacks Investment Research upgraded shares of Eaton Vance Corporation (NYSE:EV) from a sell rating to a hold rating in a report released on Monday, May 22nd.
According to Zacks, “Eaton Vance Corp.’s principal business is creating, marketing and managing investment funds and providing investment management and counseling services to institutions and individuals.The Company conducts its investment management and counseling business through two wholly-owned subsidiaries, Eaton Vance Management and Boston Management and Research.The Company’s growth has resulted from its ability to develop, offer successfully and manage effectively new funds and to increase the assets of existing Eaton Vance Funds. “
EV has been the topic of several other research reports. Bank of America Corporation upgraded Eaton Vance Corporation from an underperform rating to a neutral rating in a report on Tuesday, February 21st. Jefferies Group LLC reiterated a hold rating and set a $42.00 price target on shares of Eaton Vance Corporation in a report on Friday, March 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $48.07.
Eaton Vance Corporation (NYSE EV) traded up 0.04% during mid-day trading on Monday, hitting $48.35. 832,987 shares of the stock traded hands. Eaton Vance Corporation has a 12 month low of $32.97 and a 12 month high of $48.98. The company has a market cap of $5.36 billion, a P/E ratio of 21.20 and a beta of 1.86. The company’s 50 day moving average is $45.99 and its 200 day moving average is $44.22.
Eaton Vance Corporation (NYSE:EV) last announced its earnings results on Wednesday, May 24th. The asset manager reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. Eaton Vance Corporation had a net margin of 18.39% and a return on equity of 36.63%. The company had revenue of $374.60 million for the quarter, compared to analysts’ expectations of $373.28 million. During the same quarter in the previous year, the company posted $0.48 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. On average, analysts expect that Eaton Vance Corporation will post $2.54 earnings per share for the current fiscal year.
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In other Eaton Vance Corporation news, Director Dorothy E. Puhy sold 2,563 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $48.46, for a total transaction of $124,202.98. Following the sale, the director now directly owns 14,473 shares in the company, valued at $701,361.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Winthrop H. Smith, Jr. sold 21,885 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $48.03, for a total transaction of $1,051,136.55. Following the sale, the director now owns 15,420 shares in the company, valued at $740,622.60. The disclosure for this sale can be found here. Insiders have sold 64,448 shares of company stock worth $3,098,540 over the last quarter.
A number of institutional investors have recently made changes to their positions in EV. BlackRock Inc. increased its position in shares of Eaton Vance Corporation by 3,407.1% in the first quarter. BlackRock Inc. now owns 10,878,915 shares of the asset manager’s stock worth $489,118,000 after buying an additional 10,568,715 shares during the period. Norges Bank purchased a new stake in shares of Eaton Vance Corporation during the fourth quarter worth $43,128,000. Bank of New York Mellon Corp boosted its stake in shares of Eaton Vance Corporation by 36.2% in the first quarter. Bank of New York Mellon Corp now owns 2,463,381 shares of the asset manager’s stock worth $110,753,000 after buying an additional 654,761 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Eaton Vance Corporation by 6.1% in the first quarter. Vanguard Group Inc. now owns 10,398,957 shares of the asset manager’s stock worth $467,537,000 after buying an additional 600,222 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Eaton Vance Corporation by 1,088.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 402,220 shares of the asset manager’s stock worth $16,845,000 after buying an additional 368,370 shares in the last quarter. 71.62% of the stock is owned by hedge funds and other institutional investors.
Eaton Vance Corporation Company Profile
Eaton Vance Corp. is engaged in the business of managing investment funds and providing investment management and advisory services to high-net-worth individuals and institutions. The Company operates as an investment advisor to funds and separate accounts. The Company, through its subsidiaries and other affiliates, manages active equity, income and alternative strategies across a range of investment styles and asset classes, including the United States and global equities, floating-rate bank loans, municipal bonds, global income, high-yield and investment grade bonds.
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